Plains All American Pipeline, L.P. (NYSE: PAA)
today announced that it has entered into a new $1.0 billion 364-day
credit facility to provide additional liquidity. The facility closed on
January 16, 2015, and pursuant to its terms, PAA has up to 364 days to
draw on the facility and repay any loans thereunder. This facility
increased the Partnership's committed liquidity on a pro forma basis
from approximately $2.6 billion to $3.6 billion as of December 31, 2014.
Bank of America, N.A. served as Administrative Agent. Merrill Lynch,
Pierce, Fenner & Smith served as a Joint Lead Arranger, and was joined
by Citigroup Global Markets Inc.; DNB Markets, Inc.; J.P. Morgan
Securities LLC; Mizuho Bank, Ltd.; and Wells Fargo Securities, LLC as
Joint Lead Arrangers.
Plains All American Pipeline, L.P. is a publicly traded master limited
partnership that owns and operates midstream energy infrastructure and
provides logistics services for crude oil, natural gas liquids ("NGL"),
natural gas and refined products. PAA owns an extensive network of
pipeline transportation, terminalling, storage and gathering assets in
key crude oil and NGL producing basins and transportation corridors and
at major market hubs in the United States and Canada. On average, PAA
handles over 4.0 million barrels per day of crude oil and NGL on its
pipelines. PAA is headquartered in Houston, Texas.
Plains All American Pipeline, L.P.
Ryan Smith, (866) 809-1291